(P1.1) In formulating a business strategy, it is a crucial factor to determine what the organization’s mission, vision, objectives and core competencies are because it sets an idea on what the organization should do and what purpose do they have in the industry to contribute to their customers. It also helps what markets should they target and what action should they plan to have a competitive advantage.
1. What countries represent the largest global business opportunities for the next decade? What factors determine the size of the opportunity?
A mission statement should focus on goals, clarify issues and outline visions and objectives. It should communicate the essence of the company to the employees, shareholders and to the public (Hassan, M 1988). Similar to this, Doyle (1998) points out, that a mission statement describes the purpose of the business and its essential characters.
The mission defines the organization’s purpose, values, and core goals, providing the framework for all other plans. It is simple, vivid and compelling so that the employees from the janitor to the CEO, from the customers to investors can easily understand.
3. Many multinational companies market products under different brand names when conducting business overseas. For example, Unilever’s Axe Body Spray is called Lynx in the United Kingdom and Australia. Research some of your favorite brands (or products that you buy on a regular basis), and list if and how they use alternate product names when conducting business in foreign markets. Then, explain why a company might use a different brand name abroad.
NOTE: Follow the instructions for sending your homework to me that you’ll find in the Learning Module 1 Lecture Notes.
1. Mission and Vision Statement – Mission is a written declaration of the purpose of an organization and Vision is that business will accomplish in future years.
A mission statement describes the objective of a company or an organization. It shortly defines the overall goal and clarifies why the company exists (Griffin,1990). A mission statement should indicate some core points..
In short a mission statement simply tells the staff and management the purpose of the organization, who their target market is and what business they are in. Moving on, next we have a Vision Statement. A Vision statement gives a company a sense of long term direction. It points out what an organization wishes to achieve over a given period of time. It also builds strong inspiration and cohesiveness in the organization while at the same time providing a clear direction of where the organization wants to be in the next five, ten, or more years.
Refer to the following information for a more detailed description of this organizations’ business strategy.
merchandise stores in many continents .it is one of the leading market of the groceries in the UK in which it has
If you think there is cause to modify your mission statement, it is likely for this reason. If your mission statement is not concise or clear: Your mission statement is meant for both internal and external audiences. It must reflect your organization’s purpose in an understandable and memorable way ( Stuecher 2011) . If an employee of your organization would have a difficult time reciting your mission statement, it likely needs to be reconsidered. This does not mean the essence of a mission needs to change; simply the way it is stated can be improved (Stuecher 2011) .
The Mission Statement is a vital component in the strategic planning of a business organization. Creating a mission is one of the first actions an organization should take. This can be a building block for an overall strategy and development of more specific functional strategies (Abrahams, 1995). By defining a mission an organization is making a statement of organizational purpose.
A vision is basically the target goal for the company’s future. After reading the Mystic Monk Case, I came to the conclusion that the vision for the company is to earn enough profit to be able to purchase a Ranch called Irma Lake. In the case study, Father Daniel Mary states his vision, “We beg your prayers, your friendship and your support that this vision, our vision may come to be that Mount Carmel may be refounded in Wyoming’s Rockies for the glory of God”. In this statement, the Irma Lake Ranch is located in what he refers to as the Wyoming Rockies. The mission statement essentially is what is happening in the company at that time
A company's vision is a "general statement of its intended direction that evokes emotional feelings in organization members." (Dessler, 2003). The mission statement determines the type of business it will be by setting the purpose for the company, and